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The newly developed twelve Solana meme coins raised a total of $26.7 Million through presale, a controversial fundraising method.
Twelve Solana Memecoins
According to numbers shared by independent blockchain sleuth ZachXBT over twelve Solana presale memecoins were completely abandoned last month after raising a combined fund of $26.7 Million from investors.
On April 21, ZachXBT shared a post on Solana memecoin projects that raised funds through the controversial presale method. Many of these coins have reduced in value significantly since launching and one of them appears not to have launched any token at all.
Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).
— ZachXBT (@zachxbt) April 21, 2024
Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn
LIKE Experienced The Highest Fall
As per ZachXBT, the most costly project among the projects that were abandoned was a memecoin dubbed “I like this coin,” which sported the token name LIKE.
The anonymous founder of the project, pokeee.eth, raised a substantial 52,220 SOL tokens, which currently hold a value of $7.9 Million with a market capitalization of $577 Million. Nevertheless, the value of memecoins decreased drastically, falling more than 90% in the first eight hours.
The trading value of LIKE decreased by over 99% from the time of launch. Remarkably, the memecoin’s official X account has not made a single new post since March 31 and also, pokeee.eth has not mentioned the coin since then.
Movement In Other Memecoins
The second item on the list of memecoins that abandoned presale is for a token called MOONKE.
It was launched by another anonymous founder, RockyXBT on March 20 to an outstanding valuation of approximately $500 Million. MOONKE experienced a similar path with LIKE, observing a decrease in the price of over 99% from its launch price in a few hours.
A project that raised 4,567 SOL valued at over $8 Million never even launched its token. The popular media channels have tried reaching out to the founders of both memecoins but have not received any replies.
Enthusiasm For Memecoins
The market’s positive outlook for memecoins has recently increased in the past few weeks. The increase in interest in the memecoins, including multiple larger solana-based memecoins such as Dogwifhat (WIF), increased above 40% in the current month.
Last month, markets for memecoin saw several market analysts draw comparisons to the initial coin offering (ICO) boom of 2017, where hundreds of crypto projects raised millions of dollars, but at the end, most of them failed to deliver.
One of the most remarkable Solana presale recorded in the last few months was recorded in March when the developer of a memecoin called Slerf (SLERF) claimed to accidentally have burned the entire presale allocation of SLERF in a fat finger burn error.
The Slerf dev secured a staggering total of 535,000 SOL worth over $10 Million and the coin quickly became a cult favorite among memecoin investors, who rallied behind the token and saw it rally to a market cap peak of approximately $750 Million.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
